FOREST PRODUCTS LTD. EXPAND ITS NET REVENUE

Greymouth Evening Star, 5 October 1949, Page 9

FOREST PRODUCTS LTD. EXPAND ITS NET REVENUE

AUCKLAND, This Day (P.A.).— Further expansion of £29,219 in the net revenue to £116,462, the highest yet earned, is reported by New Zealand Forest Products Ltd. for the year ended March 31. The total includes £75,161 from manufacturing operations and investments after, deducting expenditure for maintenance, taxation, land tax on forests in use, also, depreciation etc., against £56,419 from the same source a year ago, and £41,301 income from forest revenue, against £30,824. n „ Accumulated profits of £272,007 from past years' bring the balance available for appropriation to £388,539. This sum has been steadily building up for six years since the company began to show a- surplus. No preference or ordinary dividends have been paid. An exchange fluctuation reserve oi £58,585 was created by the revaluation pf overseas assets following the exchange restoration in August, 1948. Reserves and profits now total £4B/2,000. ' I , / The sales of manufactured insulating board and hardboard, cases and, timber reached a record. Exports particularly of. sawn timber to Australia, rose substantially, but shipping space and adverse trans-Tasman exchange rate were handicaps. Australia and Britain are regarded as major export outlets for development. 'The forest timber in the company s plantations is. estimated to have increased by over 300,000,000 log super feet in ’the past year.